Brian Meredith

I wonder if you could talk a little bit about the substance base tax credits that Bermuda came out with

the underlying loss ratio improvement in insurance, is that a direct result of some of the actions being taken there? Is that something else?

Can you scale how much business is that? And did you just start nonrenewing? I was surprised you said it's another 12 to 18 months before we're going to see the benefits

could you give maybe an update on where we stand with Bermuda tax credits, not the DTA stuff, but the credits that I know the Bermuda Monetary Authority has been talking about providing?

what are you assuming right now in your reserving and pricing with respect to GL, call it, loss trend?

Y'all have typically done a reasonable amount of structured in your reinsurance. You're you're good at that surplus fleet, that kind of stuff. Are you seeing how much opportunity here

How are you thinking about the potential impact of tariffs on your business?

your thoughts on deploying that excess capital, thoughts on M&A and maybe how to increase the operating leverage

Got you. Got you. And in terms and conditions, anything you can say there?

Is that 30% just kind of a starting point? And is there meaningfully more -- we could see improvement in that ratio?

what's kind of the minimum level of holdco liquidity you want to keep on your balance sheet?

Any updated thoughts on what casualty loss trend is looking like here? A couple of positive developments, I think in Georgia and some areas as far as legislation goes

Is it possible to get maybe what gross written premiums growth was there? Just try to understand the impact of the ceded reinsurance on the growth rate

placement rates keep picking up here. And I'm assuming that's still a function of the tight homeowners market

from a productivity perspective, how you're kind of approaching it and is there any kind of KPIs or something we look at

Do you think it has any effect on kind of the long-term commission rates or what you charge your clients

is there likely to be maybe potential pressure on margins, not only Brown & Brown for the industry

Maybe you can quantify that. And is that going to continue to be a headwind in 2026?

I know there's some legislation actually in Florida trying to turn back some of the reforms that happened

Do you think that is continuing here for a while? Or do you think maybe we start to see some of that slow at some point from a carrier appetite perspective

about admitted markets getting call it, more competitive in taking business back from the E&S

could talk about terms and conditions. hearing a little bit more about some softening terms and conditions from people

looking at the U.S. commercial lines, North American commercial lines business. Your underlying margins have been incredibly consistent

there's been some press and some regulators talking about excess profit laws and implementing them. I'm just curious your thoughts

you could talk a little bit about the reinsurance business. Obviously, a big decline in premium this quarter

give us a little update on the global A&H business. Kind of what's the outlook there

a number of large health care insurance companies have had some issues with medical cost inflation

how do you think about allocating capital into areas that maybe the kind of political

Evan, I’m wondering if you can dig into a little bit the Cal fire loss estimate that you’ve given out there

we're seeing a lot of M&A happening right now in the P&C industry, and it's pretty typical for this part of the cycle

Thinking about 2026 here and kind of what's going on with property cat. Property pro rata, what's kind of the appetite

why is that important? And why not just kind of stick with your kind of core competencies here right now

any way you can provide maybe some details on how you think the ADC reinsurers arrived at the attachment point?

where you did see some meaningful increase in exposure was kind of at the 1 in 20 and 1 in 50 year

have you made any changes as far as the build-out of the, call it, European or International Insurance

would you say that the returns on capital in your business are getting better, getting worse, or staying the same?

any changes you're anticipating or seeing with terms and conditions on any of the property reinsurance

any thoughts on what cash flow could look like this year given some of the actions you're taking with the portfolio?

any updates on what you think the tax rate will look like in 2025?

Are we getting to a point where maybe we're going to see some leveling out in comp and maybe some improvement

is business kind of flowing back to the standard markets from the E&S markets at this point in the cycle? Are we kind of heading in that position

What impact do you think that could potentially have as this unemployment picture looks a little bit more challenging here going forward on group disability loss ratios

Do you expect that trend to continue here? And do you think there'll be at a point here in the next, call it, 12 to 18 months where maybe rate there is in line with trend

if I think about the other lines of business, you talk about rate has been in excess of trend and pricing has been excess trend for a long time. Are you holding those picks kind of constant right now

Are you seeing a little more appetite admitted versus E&S? And then also on that topic, we've been hearing some complaints about some MGAs

There's been a lot of discussion on calls already this quarter about big price decreases, 10%, 15%. It doesn't necessarily mean it's unprofitable down 10%, 15%

could you talk a little bit about what tariffs could potentially mean for lost costs as you think about it in auto insurance and any area in commercial insurance

Renewal written price increases in small business, they jump around a little bit. But we saw it go from 7.4% to 6.2%. Is that a mix issue

what was the kind of favorable non-cat kind of property loss? And then, any current year development when you increase at IBNR

is it possible to give us a little more color on perhaps exposure to the LA wildfires here kind of what your share in the area is

The technology initiatives you're doing, is any of that on pricing and underwriting? Or is it all more agency and process productivity?

I'm wondering if you could tell us what the profitability kind of breakdown is between California and then Florida, Texas

What's the run rate underlying loss ratio right now in the third quarter ex kind of current year development?

the software write-off in the quarter, what is that exactly related to? And does that have any effect or a part of your, call it, specialty business?

I meant more about process right underlying process or changes that maybe the changes within claims or systems processes

What are your thoughts now with respect to M&A? And is there any kind of opportunities out there given somewhat dissettled environment

Joe, I'm just curious, what was the benefit in the quarter? Maybe talk about a little bit going forward of the increase in the California minimum limits on written premium growth

Any way to quantify the lift we'll see on that billion aid of California auto premium from these minimum limits as we look into 2025?

given the level of rate decreases that we're seeing out there. What are you seeing with respect to client demand at Marsh

What are clients' insurance budgets looking like in 2026? Are they looking to maybe increase the amount of coverage they're buying given some of the price breaks they're getting

What does organic look like at right now? And is it similar to what's going on in the Marsh U.S./Canada business

are you seeing bid-ask spreads continue to narrow? And then maybe on that as well, we're kind of almost a year into the McGriff

is that something you're anticipating? Is that your margins will compress here in personal auto insurance going forward here closer to the target level?

is it mix driven this quarter that's kind of dropping everything? Or is it kind of across all the cohorts that you're seeing the drops in PLE?

Anything positive that's developing here that maybe curves that kind of loss trend on tort inflation?

what is gonna enable, you know, Travelers to actually maybe recoup some of the market share you've lost over the

How do you think about kind of the effect of tort inflation and kind of what that's doing with your underlying

Do you expect kind of retention to kind of trend back towards, call it, the mid-eighties?

Surety bond growth, you know, given what we're seeing, you know, potential for economic activity

is it fair to just assume whatever the cat losses were in the quarter and the remainder up to $4 billion

I'm curious your comments and thoughts on the tort environment right now. I always appreciate your comments on it.

the underlying combined ratios is as good as it's been in 20-years. I'm just curious, in your thoughts, are we

Is any of that related to perhaps your incubator type businesses transitioning in the segments

I wanted to dive into your comment about maybe laying off rate a little bit, but keeping margins, I think, is what you also said.

I recall Bill saying that one of his biggest regrets from the last hard market was starting to pull back too early.

the competitive dynamics are like right now in the private client business. Are there more opportunities there

Just curious, Bill. During the 1970s, we had stagflation. Maybe give us tell us what that kinda means

standard commercial carriers have talked about and granted still small, growing in the E&S market

maybe you can frame kind of your capacity for share buyback this year? I know you said it's going to be greater than $1 billion

I'm wondering if you maybe you can frame how much of your business is actually exposed to this Middle East conflict?

Can you maybe talk a little bit about what the impact of any PRT work was in the fourth quarter? What's your outlook is for 2026, particularly in light of some of these lawsuits

do you anticipate any headwinds in any of your businesses as a result of AI?

I wonder if you could just remind us of kind of your view with respect to inorganic growth. And I know you talked about strategic acquisitions

some other brokers in the quarter have talked about the impact of the rate environment, particularly large ticket property business on growth this quarter. I'm curious, was there any impact on CRB?

could you remind us how big is the transactional business as a part of your overall business? And is that going to be a headwind at all